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CAs are often seen as the backbone of Bharat’s economic engine. Their expertise spans diverse sectors, providing
critical support to businesses, governments, and individuals. The following examples highlight their key contributions:

1. Supporting the Startup Ecosystem

Bharat’s emergence as a global startup hub has created new opportunities for the CA profession. With over 115
unicorns, including prominent names like Zomato, Paytm, and Byju’s, CAs have been pivotal in enabling their
growth. They assist startups in areas such as financial structuring, tax planning, and compliance with regulatory
requirements.

For example, during Zomato’s IPO in 2021, Chartered Accountants played a central role in ensuring the company
met all disclosure and governance requirements, contributing to its successful listing on the stock exchange.

2. Facilitating Foreign Direct Investment (FDI)

Bharat’s attractiveness as an investment destination is enhanced by the expertise of CAs who bridge the gap
between global investors and local regulatory frameworks. The Reliance Jio-Facebook deal in 2020, worth $5.7
billion, is a prime example of how CAs facilitate large-scale investments. By ensuring compliance with Indian laws
and structuring the transaction effectively, they enable such investments to flow seamlessly.

3. Strengthening MSMEs and Financial Inclusion

India’s Micro, Small, and Medium Enterprises (MSMEs) contribute nearly 30% of GDP and provide employment
to millions. Chartered Accountants work closely with these enterprises, advising them on tax reforms, resource
allocation, and accessing government incentives.

A noteworthy example is the Pradhan Mantri Jan Dhan Yojana, which brought financial services to over 500 million
unbanked individuals. CAs supported banks and financial institutions in designing cost-effective solutions to extend
credit and other services to rural populations.

4. Promoting Good Governance

Chartered Accountants play a key role in ensuring corporate governance across sectors. Post-scandals like Satyam
in 2009, the ICAI introduced stricter auditing and compliance standards, leading to improved transparency and
accountability. This emphasis on governance has strengthened investor confidence and fostered ethical practices
in Bharat’s corporate sector.

Global Impact of the Chartered Accountancy Profession

The influence of CAs extends beyond Bharat, contributing significantly to the global economy. Their expertise is
critical in areas such as international taxation, cross-border mergers, and sustainability reporting.

1. Harmonizing Global Standards

CAs facilitate the adoption of IFRS, creating consistency in financial reporting across borders. For example, the
merger between ArcelorMittal and Nippon Steel in 2019 relied on CAs to harmonize financial practices between
Indian and international standards, ensuring compliance and transparency.

2. Tackling Global Financial Crises

From the 2008 global financial crisis to the COVID-19 pandemic, CAs have been instrumental in designing recovery
strategies. During the pandemic, CAs helped businesses navigate government relief measures, optimize cash flow,
and restructure loans to sustain operations.

3. Driving ESG Initiatives

Environmental, Social, and Governance (ESG) reporting has become a global priority, with businesses aligning
their practices with sustainable development goals. Companies like Tata Steel and Mahindra & Mahindra rely on

204 www.icaidubai.org

42 nd ANNUAL INTERNATIONAL
$5 Trillion
Economy CONFERENCE 2024-25
PR OFESSION, BHARA T & W OR LD EC ONOM Y
PROFESSION, BHARAT & WORLD ECONOMY